Nifty 50 ( BULLS Vs BEARS) Daily Chart candlestick Analysis

Nifty 50 index continued its higher highs for seventh trading session and headed towards 10424 levels. Bulls got Exhaust in the Bears Clouded area that opportunity will be pushed Bears to make Attacking Strategy over Bulls. It formed a Spinning Top candle on the daily scale and now pace of buying momentum is missing at the higher levels after the recovery of 470 points in last three weeks. It managed to close positive above 50 DEMA and remained lower to its opening levels.
Now any form of consolidation increase the interest of short covering at support levels. So short covering in Stocks will be seen upto the end of week if Nifty consolidate at the zone above 10390. Watch closely Nifty 50 Index has immediate hurdle at 10448 -10469 zones while hold below 10390 could see some consolidation towards next support of 10343-10298 levels.
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Comment:

Nifty index formed a Hammer Candle as it fell down to 10355 then it recovered to close above 10400 zones. As discovered earlier the sign of short covers seen on consolidation basis. Nifty 50 Engulfed the trading range of last session but witnessed buying interest from lower levels, which suggests a positive to range bound move in the market.
Now BULLS is only stronger if it hold above 10390 zones to witness an up move towards 10448-10469 zones while on the downside supports are seen at 10343-10298 levels.
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Trade closed: target reached:

Target achieved for Nifty 10469 from 10125......Now will be in Bears Area...So will be checking Bears action

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Trade closed: target reached:

Target achieved for Nifty 10469 from 10125......Now will be in Bears Area...So will be checking Bears action

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Sachin